StockSHAKERS

• 14Jul

  Federal budget gap tops $1 trillion through June

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  Federal budget gap tops $1 trillion through June
  Federal budget gap through June tops $1 trillion amid GOP resistance to more gov’t spending

  

  The federal deficit has topped $1 trillion with three months still to go in the budget year, showing the lasting impact of the recession on the government’s finances.
  In its monthly budget report, the Treasury Department said Tuesday that through the first nine months of this budget year, the deficit totals $1 trillion. That’s down 7.6 percent from the $1.09 trillion deficit run up during the same period a year ago.
  Worries about the size of the deficit have created political problems for the Obama administration. Congressional Republicans and moderate Democrats have blocked more spending on job creation and other efforts. Republicans also have held up legislation to extend unemployment benefits for the long-term jobless because of its effect on the deficit.
  Another failed effort would have provided cash-starved states with money to help avoid layoff of public employees and finance the Medicaid program for the poor and disabled.
  President Barack Obama also encountered resistance to further stimulus spending at a meeting of the Group of 20 major industrial nations last month in Toronto.
  Obama expressed concerns about the risks to a fragile global recovery from withdrawing spending too soon. But the G-20 adopted targets to cut deficits in half as a percentage of their economies over three years.
  The deficit in the federal budget in June totaled $68.4 billion, the second highest June deficit on record, but down from the all-time high of $94.3 billion in June 2009, a month when the government was spending heavily to stabilize the financial system and jump-start economic growth.
  June is normally a surplus month as the government collects tax payments from corporations and individuals who make quarterly payments. Only seven years in the past 56 have seen deficits in June.
  Many private economists are forecasting that the deficit for the entire budget year, which ends on Sept. 30, will come in around $1.3 trillion. That would be the second highest deficit on record, but it would be down slightly from last year’s all-time high of $1.4 trillion.
  The Obama administration is forecasting that the deficit for the 2011 budget year, which begins Oct. 1, will remain above $1 trillion for a third straight year, projecting an imbalance of $1.27 trillion. And the administration predicts the imbalances over the next decade will total $8.5 trillion.
  The deficits have been driven higher by the lingering effects of the worst recession since the 1930s. About one-third of the higher deficits in this period are a result of a drop in government tax revenues.
  The other two-thirds of the deficit increases reflect higher government spending to stabilize the financial system with the $700 billion bailout program and the $787 billion stimulus program that Congress passed in February 2009. The increased spending also reflected added demands for such programs as unemployment benefits and food stamps.
  The tide of red ink has sparked a political backlash with surveys showing rising unhappiness among voters with the ballooning deficits.
  Through the first nine months of the current budget year, government revenues have totaled $1.6 trillion, up 0.5 percent from the same period a year ago.
  Government spending totals $2.6 trillion, down 2.8 percent from the same nine months a year ago. That decline primarily reflects lower spending on the financial bailout effort as banks are now repaying the billions of dollars they received to bolster their capital reserves at the peak of the financial crisis.
  Obama has appointed a national debt commission to report after the November midterm elections on ways that the federal deficits can be brought under control.
  The heads of the panel told the National Governors Association on Sunday that everything needs to be considered including curtailing popular tax breaks, such as the home mortgage deduction.
  “The debt is like a cancer,” Democrat Erskine Bowles told the governors. “It is going to destroy the country from within.”

  Tags: $1 Trillion Dollars, 1000000000000.00, Federal budget gap tops $1 trillion through June, Trillion Dollars

• 01Jun

  U.S. Regulators Close Five More Banks

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  U.S. Regulators Close Five More Banks
      * EverBank
      * Bank of Florida
      * Granite Community Bank
      * City National Bank
      * Sun West Bank

  The U.S. state and federal regulators have shut down five banks in Florida, California and Nevada, The Wall Street Journal reports. The closure has brought the nationwide total of failed institutions until May 2010 to 78.

  EverBank of Jacksonville will buy the banking operations of the three units of Bank of Florida, including a combined $1.32 billion in deposits. The regulators have also seized California-based Granite Community Bank, which will be taken over by Tri Counties Bank. The Los Angeles-based City National Bank will acquire the Sun West Bank, which has $353.9 million in deposits.

  Tags: U.S. Regulators Close Five More Banks

• 21Feb

  What you need to know about credit card reform

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  What you need to know about credit card reform
   The new credit card regulations are finally here. Starting Monday, Feb. 22, 2010, banks will need to abide a spate of new rules on terms and disclosures. The idea behind the landmark law was to prevent banks from using unfair practices that dig borrowers deeper into debt.
  The new credit card law is finally here. Starting Monday, banks will need to abide by new regulations on terms and disclosures. The idea behind the landmark law was to prevent banks from using practices that often dug borrowers deeper into debt.
  A look at how the credit card law affects key aspects of your account.

  INTEREST RATES

  THEN: Banks could raise the interest rate on an account at any time, including the rate on an existing balances, even if you weren’t late on payments.

  NOW: The rate cannot be raised in the first year after an account is opened unless an introductory rate has come to an end. After that, cardholders must be notified 45 days in advance of any rate change.

  For existing balances, rates can’t be raised unless the account is at least 60 days past due. If payments are made on time for six consecutive months, the original rate must be restored.

  There’s still no cap on rates.

  DISCLOSURES

  THEN: The fine print on cardholder agreements was often difficult to understand. Rates, fees and penalties for other services such as cash advances, for example, could be hard to find. The impact of the interest rate on paying down a balance was hard to compute.

  NOW: Cardholders will see how many months it will take to pay off a balance if only minimum payments are made. Statements will also indicate how much needs to be paid each month to pay off a balance within three years.

  SERVICE FEES

  THEN: Banks could charge as much as they wanted. They could assess annual fees, activation fees and other fees. This was mostly a problem for subprime cards marketed to those with poor credit scores. One popular card, for example, the Premier Bankcard, charged $256 in first-year fees for a $250 credit line.

  NOW: Service fees, such as activation and annual fees, will be capped at 25 percent of the credit limit during the first year of use. After that, there is no cap.

  GRACE PERIODS

  THEN: Some card companies sent out statements not long before payments were due, and sometimes shifted payment due dates from month to month, meaning that payments would not always have enough time to arrive and get processed before being deemed late. As a result, some cardholders ended up getting charged interest or late fees even when they thought they were sending in payments on time.

  NOW: The law requires that due dates remain consistent. Statements must be sent out 21 days before the payment due date, and finance charges and fees cannot be applied before that period is up. In practice, about half of card issuers have extended grace periods to as long as 25 days.

  OVER-THE-LIMIT FEES

  THEN: Banks set credit limits, then routinely allowed charges to exceed those limits. When that happened, though, the customer was charged an over-the-limit fee as high as $39. These fees were often triggered by interest charges or late-payment fees that pushed a balance over the credit limit. What’s more, multiple over-the-limit fees could get charged in a single billing cycle if the balance was paid down and another charge pushed the balance back over the limit.

  NOW: The cardholder must specifically agree to permit transactions that exceed the credit limit. Only then can over-the-limit fees be charged. But the fees can’t be triggered by other fees or interest charges. Only one over-the-limit fee may be imposed during a billing cycle. No over-the-limit fees may be charged unless the cardholder has specifically agreed to permit transactions exceeding their authorized credit limit. These fees can no longer be triggered by other fees or interest charges imposed by the card issuer, and only one such fee may be imposed during a billing cycle.

  In practice, several of the largest card companies have dropped these fees. Some banks are using pop-up boxes on their Web sites or other methods to obtain consumer authorization.

  UNIVERSAL DEFAULT

  THEN: If you made a late payment on one credit card or loan, or even late payments for obligations like utility bills, that could trigger interest rate hikes on other credit card accounts.

  NOW: Card companies cannot raise interest rates on existing credit card balances. Interest rates can’t rise during the first year an account is open, unless the original agreement spelled out a promotional rate for a limited time.

  Consumers with older accounts must be informed of any interest rate increase on new charges at least 45 days in advance. They must also be given a chance to opt out of the hike by canceling the account and paying down the balance at the old interest rate. If an interest rate is increased, the card company must review the account once every six months to assess whether the rate should be dropped.

  STUDENTS

  THEN: Students arriving on college campuses often confronted a gantlet of credit card marketers handing out T-shirts, pizza and other gifts in exchange for filling out card applications. Credit cards were frequently handed out without checking the applicant’s income sources. In 2008, 84 percent of undergraduates had at least one credit card. Average balances topped $3,100.

  NOW: Credit cards may no longer be issued to anyone under age 21, unless the applicant has a co-signer, or can show independent means to repay the debt. Colleges must disclose any marketing deals they make with credit card companies. Banks are not allowed to hand out gifts on or near campuses or at college-related events.

  Tags: credit card, credit card regulations, What you need to know about credit card reform

• 31Jan

  FDIC: 15 bank failures so far in 2010

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  FDIC: 15 bank failures so far in 2010

  Six more U.S. banks were seized on Friday as regulators continue to close the doors of banks struggling to cope with fallout from the financial crisis.
  The Federal Deposit Insurance Corp (FDIC) said First Regional Bank in Los Angeles, Florida Community Bank, First National Bank of Georgia, American Marine Bank in Washington, Marshall Bank in Minnesota and Community Bank and Trust in Georgia had failed — pushing the tally to 15 banks that have failed this year.

  The FDIC expects 2010 to be a peak for bank failures as a result of the financial crisis. Last year, 140 banks failed, compared to 25 in 2008 and three in 2007.

  First-Citizens Bank & Trust Co, of Raleigh, North Carolina, will purchase $2.17 billion in total assets and $1.87 billion in total deposits from First Regional Bank, the FDIC said.

  The eight branches of First Regional Bank, whose parent company was First Regional Bancorp, will reopen on Monday as branches of First-Citizens.

  SCBT, N.A. of Orangeburg, S.C.will assume $1.1 billion in total deposits and about $1.21 billion in total assets from Community Bank and Trust, of Cornelia, Ga., FDIC said.

  Community Bank’s 36 branches will reopen during normal business hours as branches of SCBT but will continue to conduct business under its own name, FDIC said.

  Florida Community Bank, of Immokalee, Fla., will be taken over by Premier American Bank N.A., of Miami, but will continue doing business under its old name. The bank’s branches are due to open on Saturday.

  As of September 30, 2009, Florida Community Bank had $875.5 million in total assets and $795.5 million in total deposits.

  Premier, which was acquired on January 22 by Naples, Florida-based Bond Street LLC, will pay the FDIC a premium of 0.4 percent to assume all deposits of Florida Community Bank and will buy $499 million of the failed bank’s assets.

  The 11 branches of First National Bank of Georgia, in Carrollton, will reopen on Saturday as Community & Southern Bank branches. As of September 30, 2009, First National had $832.6 million in total assets and $757.9 million in total deposits.

  Community & Southern Bank, also in Carrollton, will pay FDIC a premium of 1.25 percent to assume all of the deposits of First National and will purchase essentially all of its assets.

  American Marine Bank, of Bainbridge Island, Washington, had total assets of $373.2 million and total deposits of $308.5 million as of September 30, 2009, which will be assumed by Columbia State Bank in Tacoma, Washington.

  United Valley Bank, of Cavalier, N.D., will take over $59.9 million in total assets and $54.7 million in total deposits from Marshall Bank, of Hallock, Minn.

  U.S. regulators have said the banking industry’s recovery will lag the overall economy.

  The FDIC has said it expects the total bill for bank failures to reach $100 billion for the period of 2009 through 2013.

  Tags: FDIC: 15 bank failures so far in 2010

• 09Jan

  1913 Nickel Sells for $5 Million

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  1913 Nickel Sells for $5 Million

  

  1913 Liberty Nickle 5 million dollars

  Some may call this unnamed collector crazy for spending a cool one hundred million times the face value of a 1913 nickel. Others envy the ability to drop $5 million on a single purchase that you can’t live in. Whatever your opinion may be, for numismatists, the 1913 Liberty Nickel is one of the most highly sought after and prized coins in United States history.
  You have to wonder what the collector is going to do with it. One would assume they’ll want to admire it in their own hands, but they’ll have to be awfully careful with it. Imagine the frustration of accidentally flushing it down the toilet or having it slip through a hole in their pocket. It’s not the kind of thing you can replace you know.

  Concerns for its well being aside.

  An unnamed California collector has paid $5 million for the Eliasberg specimen 1913 Liberty Head nickel, a record price for the coin and the second highest price ever paid for any rare coin.

  “The new owner is a long-time Southern California resident and a dedicated collector of historic United States rare coins,” said Santa Barbara coin and jewelry merchant, Ronald J. Gillio, who negotiated the sale between the collector and the sellers, Legend Numismatics of Lincroft, New Jersey and Washington state business executive, Bruce Morelan.

  Legend and Morelan jointly purchased the coin from New Hampshire dealer, Ed Lee, in May 2005 for a then-record price of $4,150,000. It is graded Proof-66 by Professional Coin Grading Service, and is the finest of the five known 1913 Liberty Head nickels.

  Gillio said he talked with the collector about the coin for over three months.

  “We spoke many times in recent months about the coin’s legendary numismatic status, and he agreed to purchase it for $5 million,” explained Gillio who recently was named Numismatic Acquisition Coordinator for Spectrum Numismatics International and Bowers and Merena Auctions, and continues his role for Collectors Universe as General Chairman of the Long Beach and Santa Clara Coin, Stamp & Collectibles Expos.

  The unnamed collector took possession of the coin at an undisclosed Southern California location on Wednesday, April 25.

  In 1913 the United States Mint introduced a new design for nickels depicting a Native American Indian on the front and a bison on the back. However, some nickels were struck dated 1913 using the previous year’s design of a symbolic “Miss Liberty.”

  Only five 1913 Liberty Head nickels are known today. Two are in permanent museum collections at The Smithsonian in Washington, DC and the American Numismatic Association Money Museum in Colorado Springs, Colorado.

  One of the previous owners of this particular 1913 Liberty Head nickel was renowned Baltimore banker, Louis E. Eliasberg Sr., known to collectors for the extensive, one-of-everything collection he assembled before his death in 1976.

  “Weâ€re pleased that this coin now is in the collection of another devoted numismatist. We hope he enjoys it as much as we did,” said Laura Sperber, a partner in Legend Numismatics.

  The worldâ€s record price for any rare coin is $7.59 million paid for a 1933 U.S. $20 denomination Double Eagle gold coin in July 2002.

  Tags: 1913 Liberty Nickle 5 million dollars

• 09Nov

  Gold powered to another record high on Monday

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  Gold powered to another record high on Monday on safe-haven buying as the U.S. dollar slipped
  and after a weaker-than-expected U.S. unemployment rate revived
  worries about the health of the global economy.
      Gold has gained more than 25 percent in 2009, driven by
  persistent weakness in the U.S. currency that has lost more than
  6 percent versus the euro so far this year, and recently by the
  failure of a meeting of the Group of 20 finance officials to talk
  more specifically about the dollar’s decline. 
      As expectations rise that central banks across the globe
  might look to buy gold to diversify their reserves, analysts say
  that there could be more upside for the precious metal.
      “The fundamental outlook for gold remains favourable,” Credit
  Suisse said in a research report.
      Cash gold <XAU=> hit a high of $1,104.80 an ounce, surpassing
  Friday’s lifetime high of $1,100.90, with a jump in oil prices
  and India’s recent purchase of IMF gold adding to the bullish
  sentiment.
      U.S. December gold futures <GCZ9> jumped as high as $1,105.4
  an ounce to another lifetime high.
      For a graphic on gold’s movements against the dollar and Dow
  Jones Industrial Average, click on the link: 
     
      “When you look at the RSI on a 14-day basis, it’s still in a
  positive story because it’s not overly bought. So, there’s
  potential for further upside,” said Mark Pervan, ANZ’s senior
  commodities analyst.
      “It could move up quite strongly as we haven’t any key
  resistance level in place,” he added.
      The dollar index slipped 0.23 percent <.DXY> <=USD> to
  75.646, while the euro <EUR=> edged up to $1.4870, with a
  statement from the IMF that the dollar remained on the “strong
  side” despite a recent sell-off spurring another bout of selling
  in Asia. [USD/]
      
      UPTREND INTACT 
      U.S. employers cut 190,000 jobs in October, greater than the
  175,000 fewer jobs forecast, and the unemployment rate rose to
  10.2 percent, a 26-1/2-year high that was above average forecasts
  of a 9.9 percent rate.
      “We are in uncharted territory,” said Darren Heathcote, head
  of trading at Investec Australia in Sydney.
      “The trend is still intact. We’re still looking at a positive
  gold market. (There) doesn’t seem to be any particular reason to
  be selling. I think we are going to be looking for more economic
  data to decide where we go from here.” 
      In addition to weakness in the dollar, news that the
  International Monetary Fund had sold 200 tonnes of gold to the
  Reserve Bank of India for $6.7 billion was also a trigger in
  bullion’s rise.
      Japan’s foreign reserves rose to a record high for the third
  straight month in October partly as rising gold prices inflated
  the value of its gold holdings, the Ministry of Finance said on
  Monday.  
      “I don’t think there’s physical buying but sentiment is still
  bullish because of a strong euro against the dollar and also firm
  crude oil prices,” said a dealer in Hong Kong, adding that the
  market saw buying interest from speculators in the United States,
  Japan and other parts of Asia.
      The world’s largest gold-backed exchange-traded fund, SPDR
  Gold Trust <GLD>, said its holdings stood at 1,108.344 tonnes as
  of Nov. 6, unchanged from the previous business day. [GOL/SPDR]
      Noncommercial net long U.S. gold futures positions fell 0.2
  percent to 241,319 lots in the week to Nov. 3 from 241,777, a
  weekly report by the U.S. Commodity Futures Trading Commission
  showed.
      Oil prices rose $1 to $78.43 a barrel on Monday, as Hurricane
  Ida roared through the Gulf of Mexico, where important oil fields
  are located, and on the back of the falling dollar.
   
     PRICES
     Precious metals at 0444 GMT
   Metal         Last      Change  Pct chg  Day ago pct  MA 30  RSI
   Spot gold    $1103.95    $7.65  +0.70%   +23.07%    $860.10   77
   Spot silver    $17.65    $0.27  +1.55%   +47.33%     $11.29   59
   Spot plat    $1357.50   $15.00  +1.12%    +1.12%   $1335.55   51
   TOCOM gold      3,209       51  +1.61%    +5.59%      3,042   66
   TOCOM plat      3,945        3  +0.08%    +2.90%      3,872   47
   Currencies                                               
   Euro/dlr       $1.493   $0.016  +1.10%    +1.47%
   Dlr/yen         90.06    -0.27  -0.30%    +0.48% 

  TOP STORIES
   
  France’s AXA unveils $7 bln Asian growth plan    
  Kraft set to formalise Cadbury bid Monday-sources
  Asia stocks, currencies rally as risk sought    
  Moody’s ups China rating outlook to positive    
  Obama delays start of Asia trip to attend memorial
  Oil cos shut output in Gulf due to hurricane     
  GE, Comcast agree NBC Universal valuation-source
  Fed’s Bullard: need solid recovery to tighten  
  Commonwealth Bank says bad debts have peaked    
  Malaysia Maxis IPO to raise over $3.3 bln-sources
  GM Oct China vehicle sales more than double   
  Iraq passes election law, Obama hails milestone

• 07Nov

  Gold futures top $1,100/oz for first time

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  Gold futures top $1,100/oz for first time
  Gold falls on investor disappointment, eyes $1,100
   
  Gold futures in New York rose to a record above $1,100 per ounce on Friday as the dollar eased in the wake of disappointing U.S. employment data.

  At 9:48 a.m. EST (1448 GMT) December gold GCZ9 was up $10.20 at $1,099.50 an ounce at the COMEX division of the New York Mercantile Exchange, having topped at $1,101.90 in morning trade.

  Spot gold XAU= reached a record at $1,100.90 per ounce.

  Tags: 100/oz for first time, gold, Gold futures, Gold futures top $1

• 01Jun

  TOP 5 LARGEST U.S. BANKRUPTCIES (GM #4)

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  TOP 5 LARGEST U.S. BANKRUPTCIES

  Lehman Brothers Holdings

  Rank: 1
  Date of bankruptcy filing: 09/15/08
  Assets: $691 billion

  One of the biggest calamities of the current recession is the fall of the once highly regarded (and onetime fourth-largest) Wall Street investment firm, which was forced to file for bankruptcy protection last September, the largest corporate filing in the history of U.S. bankruptcy court. As a result, the company’s North American investment banking and trading businesses and New York City headquarters were sold to British bank Barclays. Some of Lehman’s U.S. businesses, including wealth management firm Neuberger-Berman, continue to operate as stand-alone entities under new ownership. And because of the company’s global reach, its bankruptcy proceedings are complex, ongoing, and have resulted in the closing of 80 of the bank’s smaller subsidiaries.

   
  Washington Mutual

  Rank: 2
  Date of bankruptcy filing: 09/26/08
  Assets: $327.9 billion

  Amid fears of insolvency, customers of Washington Mutual withdrew more than $16 billion of deposits over a 10-day period last fall, causing a government regulator to seize the holding company’s banking assets and sell them to JPMorgan Chase for $1.9 billion. The following day WaMu filed for bankruptcy protection. What was once the nation’s largest savings and loan and sixth-largest bank is now a shadow of its former self. The holding company currently is suing the FDIC for improper seizure and is seeking $13 billion in damages.

   
  WorldCom

  Rank: 3
  Date of bankruptcy filing: 07/21/02
  Assets: $103.9 billion

  Once the second-largest long-distance telecom in the U.S. after AT&T, WorldCom filed for bankruptcy protection following the discovery of an $11 billion accounting scandal. In 2003 the company re-dubbed itself MCI, (the name of one of its previous acquisitions), and then emerged from bankruptcy a year later. In 2005 MCI was acquired by Verizon Communications for $7.6 billion and former CEO Bernie Ebbers was sentenced to 25 years in prison after being convicted of securities fraud, conspiracy, and filing false documents. He is serving his term at Oakdale federal prison in Louisiana.

   
  General Motors

  Rank: 4
  Date of bankruptcy filing: 6/1/09
  Assets: $91 billion

  The automotive giant, which for many years was the largest U.S. company and reigning king of the Fortune 500, now ranks as the largest industrial company (and fourth-largest overall) to seek bankruptcy protection in the history of American business. The likely outcome of the reorganization will be the emergence of a new version of the company that holds onto Chevy, Cadillac, Buick and GMC. The remaining, poor-performing brands Pontiac, Saturn, Hummer, Saab and Opel might be held by separate, spun-off companies, sold to foreign manufacturers, or simply closed down. As part of the bailout agreement, the U.S. government will own nearly 72.5% of the new company, with the United Auto Workers owning 17.5%.

   

  Enron

  Rank: 5
  Date of bankruptcy filing: 12/02/01
  Assets: $65.5 billion

  The collapse of a vast creative-accounting scandal destroyed the nation’s largest energy, electricity and natural gas company in 2001. After a long and arduous case that was the most-watched bankruptcy proceeding in history, Enron emerged from bankruptcy protection three years later in 2004. Several of its top executives were later convicted of many counts of securities and accounting fraud. In addition to bringing down accounting firm Arthur Andersen, the Enron scandal is considered a landmark case because it inspired the Sarbanes-Oxley Act of 2002, which set new standards and practices for public companies. In 2007, Enron changed its name to Enron Creditors Recovery Corp. with the intention of liquidating the company’s remaining assets.

  Tags: BANKRUPTCIES, enron, General Motors, GM, LEH, Lehman, Lehman Brothers, Lehman Brothers Holdings, TOP 5 LARGEST U.S. BANKRUPTCIES, Washington Mutual, WM, worldcom

• 31May

  Is Your Home a wise Investment?

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  Is Your Home a wise Investment?

   

  There’s the usual talk about what the latest Case-Shiller house price data mean for the next short term move in the real estate market. Has housing bottomed? If not, has the rate of decline slowed? And when will we see an upturn?

  Human nature likes the short term. Which is why so little attention is paid to something that is probably more important, if less urgent: What the latest data show about the long-term of the real estate market.

  We have just been through the biggest boom in real estate in American history. The subsequent bust surely hasn’t finished.

  Yet look at the numbers. Since 1987, when the Case-Shiller index of 10 major cities begins, it’s risen from an index value of 63 to 151. Annual return: Just 4.1% a year. During that period, according to the Bureau of Labor Statistics, consumer prices rose by 3% a year. Net result: Home prices produced a real return of just 1.15% a year over inflation over that time.

  Critics may point out that the analysis is unfair after all, it starts counting near the peak of the 1980s housing boom. Fair enough. Look at the performance since, say, early 1994, when home prices were near a historic trough. Surely someone who bought then has made a bundle.

  Not necessarily. Since then the ten-city index has risen from a value of 76 to 151. Annual return: 4.7%. Inflation over that period: 2.5%. That’s still only a real return of 2.2% a year above inflation.

  You can often do better on long-term inflation protected government bonds.

  And real estate often costs 2% or more a year in property taxes, condo fees, maintenance, insurance and the like.

  Conventional wisdom long held that home ownership was a route to wealth, and the imputed rent in other words, the right to live in your home was just part of the value you got from it. Under that widespread view, the recent housing bust was simply a temporary, though deep, pothole.

  Yet for very many people, even over the past 15 or 20 years, the imputed rent may have been all, or nearly all, the real value they actually got from their home.

  Yes, it’s only recent data. And it’s only ten cities. But there’s some reason to suspect these numbers may, if anything, flatter real estate performance. After all, it’s hard to look at the data and figure the bust is now over. And if they fall further, those long-term return figures will fall too.

  Prices weren’t just down 19% over the past year. They fell 2% just between February and March. And it’s not the worst-hit markets that worry me the most Phoenix is down 53% from its peak, Miami 47%. That smells of capitulation. It’s the other markets. New York and Boston are only down 20%. Denver’s only down 14%.

  Overall the ten- and 20-city Case-Shiller indices are merely back to mid-2003 levels. After the biggest boom and bust on record, history suggests things don’t stop getting worse until they’ve gotten a lot worse than that.

  Tags: home values, housing, Is Your Home a wise Investment?

• 27May

  2009 Ultra High Relief Double Eagle Gold Coin

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  2009 Ultra High Relief Double Eagle Gold Coin

  The United States Mint is proud to offer the public the opportunity to own a beautiful 2009 Ultra High Relief Double Eagle Gold Coin. This one-ounce, 24-karat gold coin is a triumph in coin design representing the culmination - more than a century in the making - of a partnership between a renowned artist, Augustus Saint-Gaudens, and a visionary leader, President Theodore Roosevelt. The coin, is a digitally reproduced version of Saint-Gaudens’ original ultra high relief 1907 Double Eagle gold piece, which was never released into circulation.

  On the coin’s obverse, Saint-Gaudens shows Liberty, personified by a statuesque woman striding powerfully forward. A young eagle flying during a sunrise is depicted on the reverse. The original 1907 Double Eagle is considered by many the most beautiful coin ever made in the United States. But despite Saint-Gaudens artistic masterpiece, the minting process at the time did not allow for the mass production of ultra high relief coins, and Saint-Gaudens’ artistic vision was never fully realized. In 2008, through 21st century design and technology, the original Saint-Gaudens’ coin plasters were digitally mapped and the ultra high relief sculpture was updated to reflect the year 2009 in Roman numerals (MMIX), an additional four stars were added to represent the last four states admitted to the Union and the inscription IN GOD WE TRUST, which was not on the 1907 version, was added, along with a small border to provide a more consistent edge. Featured on the raised edge-lettering of the coin is the inscription E PLURIBUS UNUM with the letters separated by stars.

  The 2009 Ultra High Relief Double Eagle Gold Coin is packaged in an elegant mahogany wood box with velvet lining. A wood platform encasing the coin capsule allows the coin to be visible without tilting it. The box is finished with a high-gloss lacquer and the inscriptions used are in a font similar to those used in the early 1900s when the original coin was produced.

  Included with each coin is an official United States Mint companion book that chronicles the history and development of the 2009 Ultra High Relief Double Eagle Gold Coin describing the modern technologies and processes used to perfect this unique legal tender United States coin. (The book is not sold separately).

  The 2009 Ultra High Relief Double Eagle Gold Coin will be produced and orders fulfilled, subject to gold blank availability. To ensure the broadest and most fair product access, a household order limit of one (1) coin is currently in effect. The household order limit will be re-evaluated on a weekly basis and the United States Mint will either extend, adjust or remove the limit as needed.

  The United States Mint will accept orders beginning on January 22, 2009 at 12:00 noon (ET). When placing your order, please consider your credit card’s expiration date, as charges will coincide with shipment. If your credit card has expired by the time of shipment, your order will be cancelled. To update your credit card information, you must call 1-800-USA-MINT and have your order number available.

  Pricing for the 2009 Ultra High Relief Double Eagle Gold Coin is in accordance with the United States Mint pricing schedule established on January 12, 2009, for Platinum and Gold Coins. These products are priced according to the range in which they reside in. Click here to view United States Mint Coin Pricing Grid and the United States Mint Return Policy.

  Pricing for the 2009 Ultra High Relief Double Eagle Gold Coin could vary weekly dependent upon the London Fix weekly average Gold price.

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